The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM)
Foreign direct investment (FDI) is viewed as one of the most crucial forms of capital inflows and significant drivers of economic growth in numerous countries. In particular, developing countries, emerging economies and countries engaged in the process of development have recognized the crucial impo...
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| Format: | Article |
| Language: | English English |
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"Redaktsiya zhurnala Voprosy Ekonomiki" (Moscow, Russia
2020
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| Online Access: | http://irep.iium.edu.my/81477/ http://irep.iium.edu.my/81477/1/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region.pdf http://irep.iium.edu.my/81477/7/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region_Scopus.pdf |
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| author | Ashurov, Sharofiddin Othman, Anwar Hasan Abdullah Rosman, Romzie Haron, Razali |
| author_facet | Ashurov, Sharofiddin Othman, Anwar Hasan Abdullah Rosman, Romzie Haron, Razali |
| author_sort | Ashurov, Sharofiddin |
| building | IIUM Repository |
| collection | Online Access |
| description | Foreign direct investment (FDI) is viewed as one of the most crucial forms of capital inflows and significant drivers of economic growth in numerous countries. In particular, developing countries, emerging economies and countries engaged in the process of development have recognized the crucial importance of FDI as a critical contributor to their economic progress and increasing economic opportunities. The following research investigated and identified the determinants of FDI in the Central Asian countries, specifically Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan, between 2000 and 2017. The methodology employed in the first part included comparative analysis of the foreign investment trends and gross domestic product (GDP), as well as an endogenous growth model. The result showed that five variables are robustly significant of FDI determinants: FDI (previous year), GDP, labor force, trade openness and tax. Additionally, this paper demonstrates that among the most significant FDI contributors are China, Russia and Japan as well as European countries because of the economic opportunities available; however, the USA is considered by Central Asian countries to offer the most opportunities for security control considerations rather than economic opportunities. Furthermore, the results suggest that the authorities in the Central Asia region should enhance the stability of their economic growth, labor force, trade openness and tax regulations to attract more FDI to the region. |
| first_indexed | 2025-11-14T17:51:55Z |
| format | Article |
| id | iium-81477 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T17:51:55Z |
| publishDate | 2020 |
| publisher | "Redaktsiya zhurnala Voprosy Ekonomiki" (Moscow, Russia |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-814772023-09-27T07:17:12Z http://irep.iium.edu.my/81477/ The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM) Ashurov, Sharofiddin Othman, Anwar Hasan Abdullah Rosman, Romzie Haron, Razali HG Finance HJ Public Finance HJ8003 Public credit. Debts. Loans. Claims Foreign direct investment (FDI) is viewed as one of the most crucial forms of capital inflows and significant drivers of economic growth in numerous countries. In particular, developing countries, emerging economies and countries engaged in the process of development have recognized the crucial importance of FDI as a critical contributor to their economic progress and increasing economic opportunities. The following research investigated and identified the determinants of FDI in the Central Asian countries, specifically Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan, between 2000 and 2017. The methodology employed in the first part included comparative analysis of the foreign investment trends and gross domestic product (GDP), as well as an endogenous growth model. The result showed that five variables are robustly significant of FDI determinants: FDI (previous year), GDP, labor force, trade openness and tax. Additionally, this paper demonstrates that among the most significant FDI contributors are China, Russia and Japan as well as European countries because of the economic opportunities available; however, the USA is considered by Central Asian countries to offer the most opportunities for security control considerations rather than economic opportunities. Furthermore, the results suggest that the authorities in the Central Asia region should enhance the stability of their economic growth, labor force, trade openness and tax regulations to attract more FDI to the region. "Redaktsiya zhurnala Voprosy Ekonomiki" (Moscow, Russia 2020-06-30 Article PeerReviewed application/pdf en http://irep.iium.edu.my/81477/1/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region.pdf application/pdf en http://irep.iium.edu.my/81477/7/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region_Scopus.pdf Ashurov, Sharofiddin and Othman, Anwar Hasan Abdullah and Rosman, Romzie and Haron, Razali (2020) The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM). Russian Journal of Economics, 6 (2). pp. 162-176. ISSN 2618-7213 (print) E-ISSN 2405-4739 (online) http://10.32609/j.ruje.5.33497 DOI 10.32609/j.ruje.6.48556 |
| spellingShingle | HG Finance HJ Public Finance HJ8003 Public credit. Debts. Loans. Claims Ashurov, Sharofiddin Othman, Anwar Hasan Abdullah Rosman, Romzie Haron, Razali The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan (A quantitative analysis using GMM) |
| title | The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan
(A quantitative analysis using GMM) |
| title_full | The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan
(A quantitative analysis using GMM) |
| title_fullStr | The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan
(A quantitative analysis using GMM) |
| title_full_unstemmed | The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan
(A quantitative analysis using GMM) |
| title_short | The determinants of foreign direct investment in Central Asian region: A case study of Tajikistan, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan
(A quantitative analysis using GMM) |
| title_sort | determinants of foreign direct investment in central asian region: a case study of tajikistan, kazakhstan, kyrgyzstan, turkmenistan and uzbekistan
(a quantitative analysis using gmm) |
| topic | HG Finance HJ Public Finance HJ8003 Public credit. Debts. Loans. Claims |
| url | http://irep.iium.edu.my/81477/ http://irep.iium.edu.my/81477/ http://irep.iium.edu.my/81477/ http://irep.iium.edu.my/81477/1/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region.pdf http://irep.iium.edu.my/81477/7/81477_The%20determinants%20of%20foreign%20direct%20investment%20in%20Central%20Asian%20region_Scopus.pdf |